Having to take public transportation everywhere you go can make things difficult for you. Oftentimes, it takes much longer to get to places if you depend on walking and public transportation. There are also jobs that are off limits until you are able to get a car. If you are short on the money for your down payment and you have few places to turn, one of the best ways to gather the rest of the money for the car purchase is with a payday loan. Here are three reasons why taking out a payday loan for a car down payment works well.
You can use the car to make the rest of the payments
The possession of a car comes with a lot of freedom. The freedom to travel as you please and freedom to work a number of jobs. After you take possession of your car, you will be able to work extra hours and get home safely. You will also have the ability to take on side jobs, such as delivery jobs, in order to gain the money to pay off the payday loan. Easier paydays and more opportunities mean that the interest on the payday loan is worth it.
Waiting can cost you
One of the downsides to payday loans is the high cost of the interest. Another financial position that you should take into account is the cost of continued job option loss. If you have the education and skill to get a higher paying job, but cannot get hired due to not having any transportation, it can cost you more in the long and short run to go without a car. Taking out a payday loan in order to have the down payment to invest can actually be cheaper than the expense of waiting for a vehicle.
A larger down payment decreases the total cost of the car
Car down payments decrease the overall auto loan amount that you must take out to purchase the car. If you have a high down payment, you will need less money for an auto loan. It will also decrease the overall amount that you will pay in interest over the course of your loan. Since you pay back a payday loan within one or two pay periods, you will be done with the car down payment pay off in a month or less. The larger down payment will continue to positively impact the cost of the auto loan over the life of the loan.
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